President Trump’s sweeping proposal to cut corporate and business tax rates is raising GOP concerns about blowing up the deficit.
While most Republicans favor cutting taxes, worries that the proposal will spike the deficit are already leading to concerns it could cost Trump votes from his own party.“Anything that completely spikes the ball with regard to deficits going forward I think will be problematic within the Congress,” said Rep. Mark Sanford (R-S.C.).
Trump’s plan would reduce the tax rate for corporations and most businesses to 15 percent and create three tax brackets for individuals. Most itemized deductions would be eliminated, but the standard deduction would be doubled.
Treasury Secretary Steven Mnuchin on Wednesday hailed the plan as “the biggest tax cut and the largest tax reform in the history of our country.”